Indian markets have been hovering around all-time highs for NSE Nifty and BSE Sensex this week. But there are many blue-chip stocks which have been lagging behind and are far from their all-time highs. Bajaj Finance, Wipro, Infosys, Tech Mahindra, Kotak Mahindra Bank, HDFC and State Bank of India are still far from their all-time highs. Markets reward different stocks each time they rally to a new high. During COVID-19 pandemic, markets were favoring pharmaceutical and technology stocks. Right now, technology stocks have been lagging behind and some of the banking counters haven’t participated fully in the rally.

Wipro launched its share buyback plan yesterday and the stock is trading around Rs 386 at the moment against its all-time high of Rs 740. Tech Mahindra is currently trading at Rs 1,120 while its all-time high is Rs 1,837. Clearly, Tech Mahindra has a lot of ground to catch up but considering the current global environment, many technology companies could see lower growth in upcoming quarters. Tech Mahindra touched all time high in December 2021 as demand for technology stocks was strong after COVID-19 led to lockdowns in 2020. Similarly, technology major Infosys is far from its all-time high of Rs 1954 price hit in January 2022.

IndusInd Bank is currently trading at Rs 1286 compared to its all-time high of Rs 2038. IndusInd Bank has remained volatile during the last few months. The stock is poised to show strength in the coming quarters. Nomura has BUY Rating for IndusInd Bank.

In the recent market rally, HCL Technologies, Reliance Industries, Bajaj Finance, ITC, Hindustan Unilever and State Bank of India have performed well. Tata Steel, Bajaj Finserv, TCS and Kotak Mahindra Bank are still lagging behind. There is an upside for some of these counters. If the next quarterly results for technology companies remains positive, we could see rerating for some of the large cap technology stocks.